Final Exam

Exam - Accounting 362 - Questions 1-25 = 3.8 nouss each Problem = 5 points wasted computer address = 3.8 points 1. Internal users be those who manage the business. legitimate 2. Collection of an accounts receivable pass on increase twain cash and accounts receivable. ill-advised 3. All of the side by side(p) argon external users of method of accounting information except corporate officers 4. Which of the future(a) is not an acceptable statement of the basic accounting similitude? 5. The financial statement that summarizes information concerning the cash inflows and outflows during a point in time is the statement of cash flows 6. Assets are change magnitude by debits and liabilities are decreased by credits. False 7. The correctly side of an account is referred to as the credit side 8. A purchase of office equipment for cash requires a cre dit to 9. The equivalence of the accounting equation can be proved by preparing a trial offset 10. Depreciation is the all(prenominal)ocation of the cost of an addition to expense over its useful manner in a rational and systematic manner. True 11. When accruement basis accounting is applied, adjusting entries are not necessary False 12.

A sum up of the accounts and their proportionatenesss after all adjustments have been made is known as adjusted trial balance 13. Prior to recording of adjusting entries, revenues transgress expenses by $60,000. Adjusting entries for accrued wag es of $5,000 and depreciation expenses of $5! ,000 were made. Net income for the social class would be 14. more or less businesses choose fiscal years which correspond to 15. The preparation of reversing entries is a required tone in the accounting cycle. False 16. After all the decision entries have been posted, the balance of the income summary account testament be zero 17. Intangible assets are not listed on the balance sheet because they do not have physical substance. False 18. Sales...If you neediness to get a full essay, order it on our website: OrderCustomPaper.com

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